According to industries minister A C Moideen, more PSUs are expected to become profitable by the end of the financial year.

Thiruvananthapuram: Public Sector Undertakings (PSUs) in Kerala have recorded a record profit of Rs 34.19 crore in the first half of the fiscal, according to the Industries Department.

The PSUs in the state had incurred a loss of Rs 113 crore in the corresponding period last year.

Kerala Minerals and Metals Limited (KMML) registered an all-time record profit of Rs 136 crore. The profit of the company in the first half of the last fiscal was Rs 15 crore.

Travancore Cochin Chemicals (TCC) was another PSU which reported a huge jump in the consolidated net profit.

From Rs 97 lakh recorded in H1 last year, the company’s earnings soared to Rs 18.87 crore during the period under review.

Travancore Titanium Products (TTP) closed the first half with almost seven-fold rise in its net profit at Rs 20 crore.

The Kerala State Industrial Enterprises Limited (KSIE), which was running on loss over the same period last year, turned profitable in the first half of the current fiscal.

According to industries minister A C Moideen, more PSUs are expected to become profitable by the end of the financial year.

The PSUs in the state were incurring a collective loss of Rs 131.60 crore when the term of the previous UDF government came to an end.

The LDF government could bring down the losses to Rs 71 crore in its first year in the office.

The decision to enhance plan fund allocation for PSUs had a very positive impact on their fortunes, the minister said.

The drive to modernize PSUs such as the Transformers and Electricals Kerala Limited (TELK), Kerala Electrical and Allied Engineering Company Ltd (KEL), and the Autokast Limited Kerala is in the final phase.

The government has also drawn up plans for the expansion of KMML, TTP, and Malabar Cements, the minister said.

A feasibility study on the proposal for an industrial complex for the production of titanium dioxide from mineral sand is also under way, he added.